Primary Petroleum Buys Back GORRs on Its Southern Alberta Basin Bakken Prospect in NW Montana
05 November 2011 - 1:00AM
Marketwired
Primary Petroleum Corporation (TSX VENTURE:PIE)(OTCQX:PETEF)
("Primary" or the "Company") is pleased to announce that the Board
has unanimously approved the exercise of its repurchase right under
the finder's agreement dated May 31st, 2005 on its Pondera Teton
acreage with Dale Stoodley, Barrie Quamme and Rod Haverslew (the
"Finders") to purchase 2/3rds of the 3% GORR by paying the Finders
an aggregate of $506,827.00. Mr. Haverslew is a current a director
and officer of the Company. The remaining 1% GORR is attached to
approx. 187,000 acres of its Pondera Teton prospect in NW
Montana.
Primary is also pleased to announce the buyback of a further 2%
GORR on a portion of its Pondera Teton acreage from a private
Montana-based service firm for an aggregate $62,162.00.
The purchase price for both repurchases is payable in an
aggregate 812,842 common shares at a deemed price of $0.70 per
share, subject to TSX Venture Exchange approval. The shares will be
subject to a four month plus one day hold period.
The Company would also like to advise that the current
Information Circular that was mailed to shareholders on October 28,
2011 (with respect to its annual and special meeting of the Company
to be held on November 22, 2011) and posted on SEDAR on November 2,
2011 contained the following error: Mr. Peter Carwardine was stated
therein as being a member of the Company's audit committee whereas
Mr. Carwardine actually resigned as a member of the audit committee
on September 30, 2011. The current audit committee, therefore, is
made up of only 2 members - Mr. Mike Marrandino and Mr. K. Alan
Blair. The Company intends to add a third independent member to the
audit committee of the Company shortly following its annual
meeting.
About Primary Petroleum Corporation - Primary is a junior oil
and gas company engaged in exploration and development activities
in Montana and Alberta and currently holds substantial land
positions in two unconventional tight oil plays in North America.
The Company's mandate is to continue to acquire strategic land
positions of merit in the Sedimentary Basins of the Western United
States and Canada and seek out qualified industry partners to
exploit and develop our acreage. To learn more about us, please
visit our website at www.primarypetroleum.com.
FORWARD-LOOKING STATEMENTS DISCLAIMER: Certain statements in
this document may contain "forward-looking statements" or
"forward-looking information" within the meaning of applicable
securities legislation. Such forward-looking statements or
information include, without limitation, forecasts, estimates,
expectations and objectives for future operations that are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. The Company does not assume
the obligation to update any forward-looking statement, except as
required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Primary Petroleum Corporation Mike Marrandino
President & CEO (403) 262-3132 (403) 262-3175
(FAX)mike@primarypetroleum.comwww.primarypetroleum.com
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